Swiss Reject Millionaire Inheritance Tax Fearing Exodus of Rich

Switzerland voted to reject a 50% inheritance tax on super-rich residents after wealthy entrepreneurs threatened to leave the country.

The plan was opposed by 78.3% of the electorate, according to government data on Sunday. Polls ahead of the plebiscite had suggested such an outcome. With turnout at 43%, the measure didn’t achieve a majority in a single canton.

“Voters have clearly rejected a risky fiscal policy experiment,” Finance Minister Karin Keller-Sutter said. “Such a tax would have thrown our tax system out of balance and would have damaged Switzerland’s attractiveness.”

The left-wing Young Socialists group ...